Tata Steel Outlook Revised To Stable From Positive On Uncertainty About Equity Infusion

  • ID: 1782208
  • April 2008
  • Standard & Poors
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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

SINGAPORE (Standard & Poor's) April 23, 2008--Standard & Poor's Ratings Services today revised its outlook on Tata Steel Ltd. to stable from positive and affirmed its 'BB' corporate credit rating on the company. At the same time, the 'BB' rating on Tata Steel's senior unsecured bank loans of US$750 million and US$500 million has been affirmed. The outlook revision reflects the persisting uncertainty on the infusion of additional equity, as envisaged in the initial funding plan for the acquisition of Corus (Corus Group PLC, not rated), and some increases in the capital commitments of the company, specifically for its expansion projects in India. "Tata Steel's initially proposed plan of issuing hybrid securities (US$2.56 billion) and equity (US$500 million), to partially...

Companies mentioned in this report are: Tata Steel Ltd.
Action: Affirmed
Action: Outlook: Stable

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Tata Steel Ltd.

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